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Pakistan's President, Asif Ali Zardari, has assisted through its investment friendly policy, Bergamo Acquisition Corp. and Bergamo E & A Corp. in bringing these clean energy projects to the people of Pakistan
President for proper power supply to industry on top priority
LAHORE, July 12 (APP)- President Asif Ali Zardari and Prime Minister Syed Yusuf Raza Gilani taking serious notice of power load shedding have directed the Ministry of Water and Power to provide proper power supply to industrial sector on top priority and ensure well planned load shedding in all important commercial areas across the country.
Vice President SAARC Chamber of Commerce and Industry, Pakistan chapter Iftikhar Ali Malik while talking to APP here Sunday said that during their separate meetings with President Asif Ali Zardari and Prime Minister Syed Yusuf Raza Gilani a couple of days ago at Islamabad, both categorically assured the top business leaders of the country that top priority would be given to industrial sector for smooth power supply.
He said that Chief Minister Punjab Muhammad Shahbaz Sharif and Federal Minister for Water and Power Raja Muhammad Pervaiz Ashraf have also held separate assurance to trade leaders that all out efforts will be made to ensure power supply through proper and well planned load shedding.
Acting President Federation of Pakistan Chamber of Commerce and Industry Mian Muhammad Adress and Iftikhar Ali Malik said that in the wake of crystal clear assurance by the President, Prime Minister, Chief Minister Punjab and Federal Minister for Water and Power, trade bodies across the country should not resort to strike, protest and rallies against the load shedding.
They said that the country is passing through most crucial phase of its existence and surrounded by conspiracies to destabilise it through heinous acts of terrorism. They said that at this juncture,the country can not afford strike,protests and rallies.
Iftikhar Ali Malik said that government is fully exploiting all its resources to generate more power to meet the ever increasing energy demands in the country and directed that all ongoing power projects be completed before its schedule.He said more around 4000 mw more power will be added this year.
When contacted Managing Director PEPCO Tahir Basharat Cheema told APP that Chief Executives of all distribution companies across the country and other relevant quarters have been directed to make out feasible loadshedding plan so that industrial and commercial activities may not be affected badly and take chamber of commerce and industry of concerned district into confidence before finalizing loadshedding schedule.
Timming is everything in the stockmarket,the next two are going to be very interesting for BGMO shareholders,Hillard is off to Pakistan and Hong Kong this week to get 1.5 Billion. GLTA
$30 bln planned for power sector upto 2016: Zardari
ISLAMABAD, (APP): President Asif Ali Zardari on Saturday said an investment of 30 billion dollars had been planned in the power sector up to year 2016. Addressing the joint sitting of parliament, the President said the government had inherited power shortage of around 3,500 Megawatts.
The President said the sources of funding of 8 billion dollars Basha Dam had been identified, and its construction would start in about a year’s time.
He appreciated the way in which the government had taken the challenge head on, adding that private sector had been encouraged to come forward.
President Zardari said a number of IPPs and rental power projects were being set up, and said some of them would be recommissioned this year and relieve the burden.
www.bergamocorp.com
ISLAMABAD, Jul 6 (APP): President Asif Ali Zardari Monday sought a report from Chairman WAPDA over the continued power outage from Mangla power house and sought an urgent report identifying the reasons and factors responsible. The President directed that the report should identify factors responsible, steps taken to rectify and measures taken to ensure that such breakdowns do not recur, spokesperson to the President former Senator Farhatullah Babar said.
He said the President has taken a serious note over the persistent power shortage from the Mangla Power house and its non restoration thus far.
He said the directive also called for indication of a time-frame within which the system will be fully restored, he said.
The national grid suffered a massive shortfall of another over 1000 MW as Mangla Power developed serious technical faults, plunging to zero, the power generation.
The fault occurred despite the fact that there was enough water for discharge and storage to generate the usual 1100 MW of power. The Mangla outage resulted in aggravating the power crisis as the shortfall in the national grid soared to 3650 MW.
The President asked that his office be kept informed about the power situation and the steps being taken to improve it on a regular basis, the Spokesperson said.
Positive Outlook for Power in Pakistan:
· An adequate power supply necessary to achieve sustainable economic growth. Presently, only 65-70% of the 162 million Pakistani people have access to electricity. The government has made it a priority to provide electrical access to the entire population.
· Electrical demand has outstripped supply of electricity in Pakistan. The country is currently faces power shortages of approximately 2500 – 3,000 MW. It is expected that demand will exceed supply by about 5,500 MW in the year 2010. The present electricity demand-supply gap, coupled with consistent growth in demand (6-7% per annum), indicates the fundamental need for enhancing the country’s power generation capability.
· Sixteen Independent Power Producers (IPPs) operate in Pakistan including world-renowned power sector corporations such as Siemens, General Electric, AES, and International Power.
· The National Electric Power Regulatory Authority (NEPRA) has been created to regulate the Pakistan’s power sector. Considerable progress has been made by NEPRA toward the development of the regulatory management and future market design for the power sector. All generation, transmission, and distribution companies are now licensees of NEPRA, and abide by the rules and regulations created by NEPRA regulators to support reliable and efficient power sector production.
· Approximately ten Independent Power Producers with a capacity of 2,200 MW have achieved a Financial Close status and initiated project construction after receiving tariff approval from NEPRA. These Independent Power Producers are sponsored by both local and foreign investors.
· Approximately 40% of the country’s generation capacity is in the private sector, and another 2,200 MW Independent Power Producers Plants are under construction. The Government of Pakistan has reiterated its commitment to increase private sector participation in the power production industry. Consequently, major divestments of public sector units have been made in various sectors.
· One-Window Facility and Investor-Friendly Policy PPIB – with a successful track-record of attracting FDI of over US$ 4.5 Billion in the last decade or so – provides a one-window facility for the processing of private power generation projects above 50 MW. The Policy for Power Generation Projects, 2002 is an investor-friendly policy that offers an attractive set of fiscal and financial incentives to the private sector. The Policy provides a balanced risk profile for the investors, lenders, and government agencies.
· The Government of Pakistan guarantees the performance obligations of the power purchaser and the provinces and provides protection to sponsors and lenders should the project be terminated.
· Typically, a long-term tariff of 25 – 30 years is contracted with the power purchaser which minimizes Independent Power Producers’ market risk for in terms of output. The projects are expected to earn a stable return on investment.
· Standardized and tested agreements – namely, the Implementation Agreement (IA), the Power Purchase Agreement (PPA), the Fuel Supply Agreement (FSA). – are known prior to final agreement.
· Any variation in price of fuel is to be passed on to the power purchaser. Similarly, any additional taxation over and above the Tariff assumptions is likely to be passed on to the power purchaser.
· To cover the risk of exchange rate variations, the various tariff components are indexed for variation in the Pak Rupee and USD exchange rates.
· The Pakistani Government guarantees protection against any change in duties and taxes, and against specified “political risks”.
· Exemption from income taxation, including turnover rate tax and withholding tax on import, is available to private power generation projects.
· There is an identified hydropower potential of over 40,000 MW, and availability of abundant indigenous coal resources in the country.
· The Thar lignite reserves in the Province of Sindh are estimated to be around 175 billion tons.
· Good quality and cost-effective with technical training is available in Pakistan
· The lower risk profile and the government guarantee for the power purchaser and the provinces makes financing attractive to lenders.
Positive Outlook for Power in Pakistan:
· An adequate power supply necessary to achieve sustainable economic growth. Presently, only 65-70% of the 162 million Pakistani people have access to electricity. The government has made it a priority to provide electrical access to the entire population.
· Electrical demand has outstripped supply of electricity in Pakistan. The country is currently faces power shortages of approximately 2500 – 3,000 MW. It is expected that demand will exceed supply by about 5,500 MW in the year 2010. The present electricity demand-supply gap, coupled with consistent growth in demand (6-7% per annum), indicates the fundamental need for enhancing the country’s power generation capability.
· Sixteen Independent Power Producers (IPPs) operate in Pakistan including world-renowned power sector corporations such as Siemens, General Electric, AES, and International Power.
· The National Electric Power Regulatory Authority (NEPRA) has been created to regulate the Pakistan’s power sector. Considerable progress has been made by NEPRA toward the development of the regulatory management and future market design for the power sector. All generation, transmission, and distribution companies are now licensees of NEPRA, and abide by the rules and regulations created by NEPRA regulators to support reliable and efficient power sector production.
· Approximately ten Independent Power Producers with a capacity of 2,200 MW have achieved a Financial Close status and initiated project construction after receiving tariff approval from NEPRA. These Independent Power Producers are sponsored by both local and foreign investors.
· Approximately 40% of the country’s generation capacity is in the private sector, and another 2,200 MW Independent Power Producers Plants are under construction. The Government of Pakistan has reiterated its commitment to increase private sector participation in the power production industry. Consequently, major divestments of public sector units have been made in various sectors.
· One-Window Facility and Investor-Friendly Policy PPIB – with a successful track-record of attracting FDI of over US$ 4.5 Billion in the last decade or so – provides a one-window facility for the processing of private power generation projects above 50 MW. The Policy for Power Generation Projects, 2002 is an investor-friendly policy that offers an attractive set of fiscal and financial incentives to the private sector. The Policy provides a balanced risk profile for the investors, lenders, and government agencies.
· The Government of Pakistan guarantees the performance obligations of the power purchaser and the provinces and provides protection to sponsors and lenders should the project be terminated.
· Typically, a long-term tariff of 25 – 30 years is contracted with the power purchaser which minimizes Independent Power Producers’ market risk for in terms of output. The projects are expected to earn a stable return on investment.
· Standardized and tested agreements – namely, the Implementation Agreement (IA), the Power Purchase Agreement (PPA), the Fuel Supply Agreement (FSA). – are known prior to final agreement.
· Any variation in price of fuel is to be passed on to the power purchaser. Similarly, any additional taxation over and above the Tariff assumptions is likely to be passed on to the power purchaser.
· To cover the risk of exchange rate variations, the various tariff components are indexed for variation in the Pak Rupee and USD exchange rates.
· The Pakistani Government guarantees protection against any change in duties and taxes, and against specified “political risks”.
· Exemption from income taxation, including turnover rate tax and withholding tax on import, is available to private power generation projects.
· There is an identified hydropower potential of over 40,000 MW, and availability of abundant indigenous coal resources in the country.
· The Thar lignite reserves in the Province of Sindh are estimated to be around 175 billion tons.
· Good quality and cost-effective with technical training is available in Pakistan
· The lower risk profile and the government guarantee for the power purchaser and the provinces makes financing attractive to lenders.
Positive Outlook for Power in Pakistan:
· An adequate power supply necessary to achieve sustainable economic growth. Presently, only 65-70% of the 162 million Pakistani people have access to electricity. The government has made it a priority to provide electrical access to the entire population.
· Electrical demand has outstripped supply of electricity in Pakistan. The country is currently faces power shortages of approximately 2500 – 3,000 MW. It is expected that demand will exceed supply by about 5,500 MW in the year 2010. The present electricity demand-supply gap, coupled with consistent growth in demand (6-7% per annum), indicates the fundamental need for enhancing the country’s power generation capability.
· Sixteen Independent Power Producers (IPPs) operate in Pakistan including world-renowned power sector corporations such as Siemens, General Electric, AES, and International Power.
· The National Electric Power Regulatory Authority (NEPRA) has been created to regulate the Pakistan’s power sector. Considerable progress has been made by NEPRA toward the development of the regulatory management and future market design for the power sector. All generation, transmission, and distribution companies are now licensees of NEPRA, and abide by the rules and regulations created by NEPRA regulators to support reliable and efficient power sector production.
· Approximately ten Independent Power Producers with a capacity of 2,200 MW have achieved a Financial Close status and initiated project construction after receiving tariff approval from NEPRA. These Independent Power Producers are sponsored by both local and foreign investors.
· Approximately 40% of the country’s generation capacity is in the private sector, and another 2,200 MW Independent Power Producers Plants are under construction. The Government of Pakistan has reiterated its commitment to increase private sector participation in the power production industry. Consequently, major divestments of public sector units have been made in various sectors.
· One-Window Facility and Investor-Friendly Policy PPIB – with a successful track-record of attracting FDI of over US$ 4.5 Billion in the last decade or so – provides a one-window facility for the processing of private power generation projects above 50 MW. The Policy for Power Generation Projects, 2002 is an investor-friendly policy that offers an attractive set of fiscal and financial incentives to the private sector. The Policy provides a balanced risk profile for the investors, lenders, and government agencies.
· The Government of Pakistan guarantees the performance obligations of the power purchaser and the provinces and provides protection to sponsors and lenders should the project be terminated.
· Typically, a long-term tariff of 25 – 30 years is contracted with the power purchaser which minimizes Independent Power Producers’ market risk for in terms of output. The projects are expected to earn a stable return on investment.
· Standardized and tested agreements – namely, the Implementation Agreement (IA), the Power Purchase Agreement (PPA), the Fuel Supply Agreement (FSA). – are known prior to final agreement.
· Any variation in price of fuel is to be passed on to the power purchaser. Similarly, any additional taxation over and above the Tariff assumptions is likely to be passed on to the power purchaser.
· To cover the risk of exchange rate variations, the various tariff components are indexed for variation in the Pak Rupee and USD exchange rates.
· The Pakistani Government guarantees protection against any change in duties and taxes, and against specified “political risks”.
· Exemption from income taxation, including turnover rate tax and withholding tax on import, is available to private power generation projects.
· There is an identified hydropower potential of over 40,000 MW, and availability of abundant indigenous coal resources in the country.
· The Thar lignite reserves in the Province of Sindh are estimated to be around 175 billion tons.
· Good quality and cost-effective with technical training is available in Pakistan
· The lower risk profile and the government guarantee for the power purchaser and the provinces makes financing attractive to lenders.
Positive Outlook for Power in Pakistan:
· An adequate power supply necessary to achieve sustainable economic growth. Presently, only 65-70% of the 162 million Pakistani people have access to electricity. The government has made it a priority to provide electrical access to the entire population.
· Electrical demand has outstripped supply of electricity in Pakistan. The country is currently faces power shortages of approximately 2500 – 3,000 MW. It is expected that demand will exceed supply by about 5,500 MW in the year 2010. The present electricity demand-supply gap, coupled with consistent growth in demand (6-7% per annum), indicates the fundamental need for enhancing the country’s power generation capability.
· Sixteen Independent Power Producers (IPPs) operate in Pakistan including world-renowned power sector corporations such as Siemens, General Electric, AES, and International Power.
· The National Electric Power Regulatory Authority (NEPRA) has been created to regulate the Pakistan’s power sector. Considerable progress has been made by NEPRA toward the development of the regulatory management and future market design for the power sector. All generation, transmission, and distribution companies are now licensees of NEPRA, and abide by the rules and regulations created by NEPRA regulators to support reliable and efficient power sector production.
· Approximately ten Independent Power Producers with a capacity of 2,200 MW have achieved a Financial Close status and initiated project construction after receiving tariff approval from NEPRA. These Independent Power Producers are sponsored by both local and foreign investors.
· Approximately 40% of the country’s generation capacity is in the private sector, and another 2,200 MW Independent Power Producers Plants are under construction. The Government of Pakistan has reiterated its commitment to increase private sector participation in the power production industry. Consequently, major divestments of public sector units have been made in various sectors.
· One-Window Facility and Investor-Friendly Policy PPIB – with a successful track-record of attracting FDI of over US$ 4.5 Billion in the last decade or so – provides a one-window facility for the processing of private power generation projects above 50 MW. The Policy for Power Generation Projects, 2002 is an investor-friendly policy that offers an attractive set of fiscal and financial incentives to the private sector. The Policy provides a balanced risk profile for the investors, lenders, and government agencies.
· The Government of Pakistan guarantees the performance obligations of the power purchaser and the provinces and provides protection to sponsors and lenders should the project be terminated.
· Typically, a long-term tariff of 25 – 30 years is contracted with the power purchaser which minimizes Independent Power Producers’ market risk for in terms of output. The projects are expected to earn a stable return on investment.
· Standardized and tested agreements – namely, the Implementation Agreement (IA), the Power Purchase Agreement (PPA), the Fuel Supply Agreement (FSA). – are known prior to final agreement.
· Any variation in price of fuel is to be passed on to the power purchaser. Similarly, any additional taxation over and above the Tariff assumptions is likely to be passed on to the power purchaser.
· To cover the risk of exchange rate variations, the various tariff components are indexed for variation in the Pak Rupee and USD exchange rates.
· The Pakistani Government guarantees protection against any change in duties and taxes, and against specified “political risks”.
· Exemption from income taxation, including turnover rate tax and withholding tax on import, is available to private power generation projects.
· There is an identified hydropower potential of over 40,000 MW, and availability of abundant indigenous coal resources in the country.
· The Thar lignite reserves in the Province of Sindh are estimated to be around 175 billion tons.
· Good quality and cost-effective with technical training is available in Pakistan
· The lower risk profile and the government guarantee for the power purchaser and the provinces makes financing attractive to lenders.
Positive Outlook for Power in Pakistan:
· An adequate power supply necessary to achieve sustainable economic growth. Presently, only 65-70% of the 162 million Pakistani people have access to electricity. The government has made it a priority to provide electrical access to the entire population.
· Electrical demand has outstripped supply of electricity in Pakistan. The country is currently faces power shortages of approximately 2500 – 3,000 MW. It is expected that demand will exceed supply by about 5,500 MW in the year 2010. The present electricity demand-supply gap, coupled with consistent growth in demand (6-7% per annum), indicates the fundamental need for enhancing the country’s power generation capability.
· Sixteen Independent Power Producers (IPPs) operate in Pakistan including world-renowned power sector corporations such as Siemens, General Electric, AES, and International Power.
· The National Electric Power Regulatory Authority (NEPRA) has been created to regulate the Pakistan’s power sector. Considerable progress has been made by NEPRA toward the development of the regulatory management and future market design for the power sector. All generation, transmission, and distribution companies are now licensees of NEPRA, and abide by the rules and regulations created by NEPRA regulators to support reliable and efficient power sector production.
· Approximately ten Independent Power Producers with a capacity of 2,200 MW have achieved a Financial Close status and initiated project construction after receiving tariff approval from NEPRA. These Independent Power Producers are sponsored by both local and foreign investors.
· Approximately 40% of the country’s generation capacity is in the private sector, and another 2,200 MW Independent Power Producers Plants are under construction. The Government of Pakistan has reiterated its commitment to increase private sector participation in the power production industry. Consequently, major divestments of public sector units have been made in various sectors.
· One-Window Facility and Investor-Friendly Policy PPIB – with a successful track-record of attracting FDI of over US$ 4.5 Billion in the last decade or so – provides a one-window facility for the processing of private power generation projects above 50 MW. The Policy for Power Generation Projects, 2002 is an investor-friendly policy that offers an attractive set of fiscal and financial incentives to the private sector. The Policy provides a balanced risk profile for the investors, lenders, and government agencies.
· The Government of Pakistan guarantees the performance obligations of the power purchaser and the provinces and provides protection to sponsors and lenders should the project be terminated.
· Typically, a long-term tariff of 25 – 30 years is contracted with the power purchaser which minimizes Independent Power Producers’ market risk for in terms of output. The projects are expected to earn a stable return on investment.
· Standardized and tested agreements – namely, the Implementation Agreement (IA), the Power Purchase Agreement (PPA), the Fuel Supply Agreement (FSA). – are known prior to final agreement.
· Any variation in price of fuel is to be passed on to the power purchaser. Similarly, any additional taxation over and above the Tariff assumptions is likely to be passed on to the power purchaser.
· To cover the risk of exchange rate variations, the various tariff components are indexed for variation in the Pak Rupee and USD exchange rates.
· The Pakistani Government guarantees protection against any change in duties and taxes, and against specified “political risks”.
· Exemption from income taxation, including turnover rate tax and withholding tax on import, is available to private power generation projects.
· There is an identified hydropower potential of over 40,000 MW, and availability of abundant indigenous coal resources in the country.
· The Thar lignite reserves in the Province of Sindh are estimated to be around 175 billion tons.
· Good quality and cost-effective with technical training is available in Pakistan
· The lower risk profile and the government guarantee for the power purchaser and the provinces makes financing attractive to lenders.
Highlights of Coal Project — Bringing Clean Energy to Pakistan
· 544 MW Clean Coal plant has been approved by Pakistan’s Ministry of Water & Power.
· $60M USD payment guarantee from Government of Pakistan upon Bergamo Acquisition Corp.’s ability to complete the required $420M financing.
· $416M USDE standby letter of credit to be issued by Government of Pakistan to secure future energy sales. This letter of credit is to be renewed for an additional 24 months and the subsequent year to complete the term of the power purchase agreement.
· 200 acres of land next to the Sindh Sea is in place with grid line energy distribution, coal mining. Roads have been developed and the Pakistani government will provide water access at their expense. Complete identification of project is available upon request.
· Memorandum of understanding signed with Arif Habib Bank Lts., who will be the investment bank in Pakistan as well as serving as investment advisors.
· $191M USD fuel component please review power purchase agreement complete discription of epc contract and power purchase agreement is in the power point presentation.
BERGAMO’S CLEAN AND SUSTAINABLE ENERGY PLAN FOR PAKISTAN
Bergamo has focused on Pakistan’s natural resources to provide sustainable energy projects. Pakistan has two sources of energy in abundance: low sulfur lignite coal and sun. With limited oil and natural gas reserves Bergamo E&A has focused on harnessing the natural and environmentally acceptable energy resources of Pakistan: coal and solar energy.
Bergamo has reached agreements with the Pakistani government to build a low sulfur coal fueled energy plant in the Thar Desert of Pakistan where one of the largest coal fields in the world is located. These forward-looking efforts will maximize the value of Pakistan’s natural and abundant energy resources and minimize the impact on the environment.
Carbon Sequestration Power Plant: The coal of the Thar desert is principally of low sulfur and low ash which will support the low polluting coal fueled energy plant of Bergamo . This 544 MW plant will be built with the most technologically advanced and environmentally friendly methods of power generation: Carbon Sequestration. Pakistan has minimal oil reserves and declining gas reserves. Harnessing the low sulfur coal of the Thar desert and the sun’s energy is a natural solution for the country.
Mr Zardari to restart work at Thar coal project
Mr Asif Ali Zardari president of Pakistan said that efforts were underway to attract foreign investment in coal power generation and to restart work on the development of Thar coal project in Sindh.
In a message on the 3rd anniversary of the monthly Energy Update, Mr Zardari said that the civilian government is committed to attract more investment in energy sector, especially to attain self sufficiency in power generation, oil and gas exploration, besides encouraging projects in alternate energy.
The President said that the government is striving bard to encourage power projects both in public and private sector not only to meet the existing demand but also to cater to the future energy needs of the country.
According to Pakistan Economy Watch the coal deposits in Thar can change the fate of the country if utilized in a proper way. It can save oil import bill, reduce unemployment and help strengthen economy, rupee and FOREX stocks.
Dr Murtaza Mughal president of Pakistan Economy Watch in a statement said that 185 billion tonnes of coal worth USD 25 trillion can not only cater the electricity requirements of the country for next 100 years but also save almost four billion dollars in staggering oil import bill.
WOW DONE DEAL!!!!!!!
Bergamo Acquisition Corp Announces a Formal Memorandum of Understanding is now Signed for the Pakistani Energy Projects
Funds for $1.5 Billion USD are Now Confirmed to be On Deposit with Citibank
(EMAILWIRE.COM, June 11, 2009 ) LAS VEGAS - Bergamo Acquisition Corp. (Pink Sheets: BGMO) today announced that the company has signed a formal a formal Memorandum of Understanding with the lender for the Pakistani Energy Projects totaling $1.5 Billion USD. As part of the agreement funds are now on deposit and have been confirmed bank to bank by Citibank. Bergamo Acquisition Corp's wholly owned subsidiary Bergamo E & A will receive the funds and will coordinate the commencement of the projects.
Hillard Herzog, President and CEO of Bergamo Acquisition Corp., will leave for Pakistan on July 6, 2009, He will be meeting with appropriate Government of Pakistan ministers for formal contracts signing for each of the projects. From Pakistan Mr. Herzog will travel immediately to Singapore to deliver the contracts signed with the Pakistani Government. A formal signing ceremony will take place in Hong Kong immediately thereafter.
Certain statements contained in this document may constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "investigate", "looking at" as they relate to Bergamo
Acquisition Corp. or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable, that: (i) Bergamo E&A will successfully develop power projects in Pakistan. Such statements or information reflect Bergamo E&A's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Bergamo E&A's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Bergamo E&A files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bergamo Acquisition Corp. expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
Contact Information:
Bergamo Acquisition Corp.
Hillard Herzog
President & CEO
Tel: (702) 269-0820
Email: hillardbergamo@aol.com
Web: www.BergamoCorp.com
Investor Relations:
Quarterback Investor Relations
John Pentony, President
Tel: (469) 252-3030
Email: John@QuarterbackIR.com
Web: www.QuarterbackIR.com
The Eversull Group, Inc.
Jack Eversull, President
972-378-7917
972-378-7981 (fax)
Email: jack@theeversullgroup.com
Web: www.theeversullgroup.com
Contact Information:
Bergamo Acquisition Corp.
Hillard Herzog
Tel: (702) 269-0820
Email us
Starting to dry up and this is why.
Bergamo Acquisition Corp.'s Wholly Owned Subsidiary, Bergamo E & A, Has Reached Agreement on the Funding of Pakistani Energy Projects Totaling $1.5 Billion USD
2009-05-26 06:00 ET - News Release
LAS VEGAS, May 26 /PRNewswire-FirstCall/ -- Bergamo Acquisition Corp. today announced that agreement on all terms with its lender to finance energy projects for Pakistan has been completed. The value of all projects is $1.5 Billion USD. Hillard Herzog, President and CEO of Bergamo Acquisition Corp. will travel to Pakistan within the next two weeks, to sign the contracts for the financing.
The projects have expanded in scope since the May 7, 2009 press release. In addition to the clean coal plant and the LED high efficiency lighting mentioned previously, the financing now includes several solar lighting facilities. The first of these solar lighting facilities is anticipated to be operational within 90 days after signing of all agreements.
Pakistan's President, Asif Ali Zardari, has assisted through its investment friendly policy, Bergamo Acquisition Corp. and Bergamo E & A Corp. in bringing these clean energy projects to the people of Pakistan.
Mr. Herzog commented, "Clean energy is very important to the people of Pakistan. I am very pleased that we have been able to work with President Zardari on meeting this most urgent need. I know his commitment is strong to his nation, and abundant clean energy is needed as Pakistan continues to modernize its infrastructure. I would like to sincerely thank President Zardari and Pakistan People's Party for allowing us to be a part of this effort."
Mr. Sohail Parekh, Executive Vice President & Director of Bergamo Acquisition Corp. and Chairman & Managing Director of Bergamo E&A Corp. Pakistan, has been instrumental in bringing together those parties in Pakistan and the management of Bergamo E&A Corp. in assuring that these projects so necessary to the people of Pakistan will be completed.
Certain statements contained in this document may constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "investigate", "looking at" as they relate to Bergamo
Acquisition Corp. or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable, that: (i) Bergamo E&A will successfully develop power projects in Pakistan. Such
statements or information reflect Bergamo E&A's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Bergamo E&A's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Bergamo E&A files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bergamo Acquisition Corp. expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
Contact Information:
Bergamo Acquisition Corp.
Hillard Herzog
President & CEO
Tel: (702) 269-0820
Email: hillardbergamo@aol.com
Web: www.BergamoCorp.com
Investor Relations:
Quarterback Investor Relations
John Pentony, President
Tel: (469) 252-3030
Email: John@QuarterbackIR.com
Web: www.QuarterbackIR.com
The Eversull Group, Inc.
Jack Eversull, President
972-378-7917
972-378-7981 (fax)
Email: jack@theeversullgroup.com
Web: www.theeversullgroup.com
Bergamo Acquisition Corp.
CONTACT: Hillard Herzog, President & CEO, Bergamo Acquisition Corp.,
+1-702-269-0820, hillardbergamo@aol.com; or Investor Relations, John
Pentony, President, Quarterback Investor Relations, +1-469-252-3030,
John@QuarterbackIR.com; Jack Eversull, President, The Eversull Group, Inc.,
+1-972-378-7917, or +1-972-378-7981 (fax), jack@theeversullgroup.com
Web site: http://www.BergamoCorp.com/
Positive Outlook for Power in Pakistan:
· An adequate power supply necessary to achieve sustainable economic growth. Presently, only 65-70% of the 162 million Pakistani people have access to electricity. The government has made it a priority to provide electrical access to the entire population.
· Electrical demand has outstripped supply of electricity in Pakistan. The country is currently faces power shortages of approximately 2500 – 3,000 MW. It is expected that demand will exceed supply by about 5,500 MW in the year 2010. The present electricity demand-supply gap, coupled with consistent growth in demand (6-7% per annum), indicates the fundamental need for enhancing the country’s power generation capability.
· Sixteen Independent Power Producers (IPPs) operate in Pakistan including world-renowned power sector corporations such as Siemens, General Electric, AES, and International Power.
· The National Electric Power Regulatory Authority (NEPRA) has been created to regulate the Pakistan’s power sector. Considerable progress has been made by NEPRA toward the development of the regulatory management and future market design for the power sector. All generation, transmission, and distribution companies are now licensees of NEPRA, and abide by the rules and regulations created by NEPRA regulators to support reliable and efficient power sector production.
· Approximately ten Independent Power Producers with a capacity of 2,200 MW have achieved a Financial Close status and initiated project construction after receiving tariff approval from NEPRA. These Independent Power Producers are sponsored by both local and foreign investors.
· Approximately 40% of the country’s generation capacity is in the private sector, and another 2,200 MW Independent Power Producers Plants are under construction. The Government of Pakistan has reiterated its commitment to increase private sector participation in the power production industry. Consequently, major divestments of public sector units have been made in various sectors.
· One-Window Facility and Investor-Friendly Policy PPIB – with a successful track-record of attracting FDI of over US$ 4.5 Billion in the last decade or so – provides a one-window facility for the processing of private power generation projects above 50 MW. The Policy for Power Generation Projects, 2002 is an investor-friendly policy that offers an attractive set of fiscal and financial incentives to the private sector. The Policy provides a balanced risk profile for the investors, lenders, and government agencies.
· The Government of Pakistan guarantees the performance obligations of the power purchaser and the provinces and provides protection to sponsors and lenders should the project be terminated.
· Typically, a long-term tariff of 25 – 30 years is contracted with the power purchaser which minimizes Independent Power Producers’ market risk for in terms of output. The projects are expected to earn a stable return on investment.
· Standardized and tested agreements – namely, the Implementation Agreement (IA), the Power Purchase Agreement (PPA), the Fuel Supply Agreement (FSA). – are known prior to final agreement.
· Any variation in price of fuel is to be passed on to the power purchaser. Similarly, any additional taxation over and above the Tariff assumptions is likely to be passed on to the power purchaser.
· To cover the risk of exchange rate variations, the various tariff components are indexed for variation in the Pak Rupee and USD exchange rates.
· The Pakistani Government guarantees protection against any change in duties and taxes, and against specified “political risks”.
· Exemption from income taxation, including turnover rate tax and withholding tax on import, is available to private power generation projects.
· There is an identified hydropower potential of over 40,000 MW, and availability of abundant indigenous coal resources in the country.
· The Thar lignite reserves in the Province of Sindh are estimated to be around 175 billion tons.
· Good quality and cost-effective with technical training is available in Pakistan
· The lower risk profile and the government guarantee for the power purchaser and the provinces makes financing attractive to lenders.
$30 bln planned for power sector upto 2016: Zardari
ISLAMABAD (APP): President Asif Ali Zardari on Saturday said an investment of 30 billion dollars had been planned in the power sector up to year 2016. Addressing the joint sitting of parliament, the President said the government had inherited power shortage of around 3,500 Megawatts.
The President said the sources of funding of 8 billion dollars Basha Dam had been identified, and its construction would start in about a year’s time.
He appreciated the way in which the government had taken the challenge head on, adding that private sector had been encouraged to come forward.
President Zardari said a number of IPPs and rental power projects were being set up, and said some of them would be recommissioned this year and relieve the burden.
www.bergamocorp.com
60 Months GOP L/C Standby $ 1045 billion Energy Buy Back Guarantee 24 months - 24 months plus 12 months.
60 Months GOP L/C Standby $ 1045 Million Energy Buy Back Guarantee 24 months - 24 months plus 12 months.
This is why Bergamo will be able to finance for $1.5 billion dollars,power purchase agreement with the goverment,the money is backed by LC from the goverment.
Highlights of Coal Project 544 MW Bringing Clean Energy to Pakistan
* 544 MW PROJECT APPROVED BY MINISTRY OF WATER & POWER GOVERMENT OF PAKISTAN
* 60 MILLION DOLLARS UPFRONT PAYMENT GUARANTEE FROM GOVERMENT OF PAKISTAN UPON BERGAMO ACQUISITION CORP’S ABILITY TO COMPLETE FINANCING REQUIRED 420 MILLION US DOLLARS TO COMPLETE THE PROJECT.
* 416 MILLION US DOLLARS STANDBY L/C TO BE ISSUED BY GOVERMENT OF PAKISTAN CLASS A BANK TO SECURE FUTURE ENERGY SALES . THIS L/C TO BE RENEWED FOR ADDITIONAL 24 MONTHS AND SUBSEQUENT 1 YEAR TO COMPLETE TERM OF THE POWER PURCHASE AGREEMENT.
* 191 MILLION US DOLLARS FUEL COMPONENT PLEASE REVIEW POWER PURCHASE AGREEMENT COMPLETE DISCRIPTION OF EPC CONTRACT AND POWER PURCHASE AGREEMENT IS IN THE POWER POINT PRESENTATION
* 200 ACRES LAND IN PLACE WITH GRID LINE ENERGY DISTRIBUTION, COAL MINING, NEXT TO THE SINDH SEA, ROADS ALREADY DEVOLOPED AND GOVERMENT WILL BUILD LAKE ON GOVERMENTS EXPENSE AT THE SITE. COMPLETE IDENTIFICATION OF PROJECT IS AVAILABLE UPON REQUEST.
* MEMORANDUM OF UNDERSTANDING SIGNED WITH ARIF HABIB BANK LTS WHO WILL BE INVESTMENT BANK IN PAKSITAN AND INVESTMENT ADVISORS.
www.bergamocorp.com
Pakistan’s energy sector needs long-term sustainable policy
If we analyse the financial and economic impacts of the current years load-shedding the cost could be up in the billions. The demand for electricity is growing at an average rate of 9.5 per cent per annum over the past four years and a stagnant power supply and growing demand has created severe power shortages in the country
By M. Osman Ghani
Coal energy: In Pakistan, coal reserve is estimated at 185 billion tons, which, according to Dr. Akram Sheikh (ex-Deputy Chairman, Planning Commission) is equivalent to at least 400 billion barrels of oil, in other words equivalent to the oil reserves of Saudi Arabia and Iran combined. According to the vice chancellor of Punjab University, Professor Dr. Mujahid Kamran, these coal reserves equal to 618 billion barrels of crude oil. At $50 per barrel this asset is worth up to $30.0 trillion and equivalent to more than 187 times of Pakistan’s current GDP. By using only two per cent of these colossal reserves we can generate around 20,000mw of electricity for almost 40 years.
Coal is found in all the four provinces of Pakistan, Tharcoal being one of the biggest coal mines in the world, it would turn out to be a less expensive fuel for power generation and other process industries. To achieve a share of about 20 per cent in the energy-mix by 2030, the existing efforts to exploit coal, are not enough.
Highlights of Coal Project — Bringing Clean Energy to Pakistan
· 544 MW Clean Coal plant has been approved by Pakistan’s Ministry of Water & Power.
· $60M USD payment guarantee from Government of Pakistan upon Bergamo Acquisition Corp.’s ability to complete the required $420M financing.
· $416M USDE standby letter of credit to be issued by Government of Pakistan to secure future energy sales. This letter of credit is to be renewed for an additional 24 months and the subsequent year to complete the term of the power purchase agreement.
· 200 acres of land next to the Sindh Sea is in place with grid line energy distribution, coal mining. Roads have been developed and the Pakistani government will provide water access at their expense. Complete identification of project is available upon request.
· Memorandum of understanding signed with Arif Habib Bank Lts., who will be the investment bank in Pakistan as well as serving as investment advisors.
· $191M USD fuel component please review power purchase agreement complete discription of epc contract and power purchase agreement is in the power point presentation.
http://www.businesstalkradio.net/weekday_host/Archives/bbs.shtml
Hillard Herzog was on the big bizz radio show again today,May 26 hour 1 more great news comming tomorrow.This thing is worth $10 bucks not .10 cents.
Do your own DD www.bergamocorp.com
WOW!!!!!
Bergamo Acquisition Corp.'s Wholly Owned Subsidiary, Bergamo E & A, Has Reached Agreement on the Funding of Pakistani Energy Projects Totaling $1.5 Billion USD
Ticker Symbol: U:BGMO
LAS VEGAS, May 26 /PRNewswire-FirstCall/ -- Bergamo Acquisition Corp. today announced that agreement on all terms with its lender to finance energy projects for Pakistan has been completed. The value of all projects is $1.5 Billion USD. Hillard Herzog, President and CEO of Bergamo Acquisition Corp. will travel to Pakistan within the next two weeks, to sign the contracts for the financing.
The projects have expanded in scope since the May 7, 2009 press release. In addition to the clean coal plant and the LED high efficiency lighting mentioned previously, the financing now includes several solar lighting facilities. The first of these solar lighting facilities is anticipated to be operational within 90 days after signing of all agreements.
Pakistan's President, Asif Ali Zardari, has assisted through its investment friendly policy, Bergamo Acquisition Corp. and Bergamo E & A Corp. in bringing these clean energy projects to the people of Pakistan.
Mr. Herzog commented, "Clean energy is very important to the people of Pakistan. I am very pleased that we have been able to work with President Zardari on meeting this most urgent need. I know his commitment is strong to his nation, and abundant clean energy is needed as Pakistan continues to modernize its infrastructure. I would like to sincerely thank President Zardari and Pakistan People's Party for allowing us to be a part of this effort."
Mr. Sohail Parekh, Executive Vice President & Director of Bergamo Acquisition Corp. and Chairman & Managing Director of Bergamo E&A Corp. Pakistan, has been instrumental in bringing together those parties in Pakistan and the management of Bergamo E&A Corp. in assuring that these projects so necessary to the people of Pakistan will be completed.
Certain statements contained in this document may constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "investigate", "looking at" as they relate to Bergamo
Acquisition Corp. or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable, that: (i) Bergamo E&A will successfully develop power projects in Pakistan. Such
statements or information reflect Bergamo E&A's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Bergamo E&A's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Bergamo E&A files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bergamo Acquisition Corp. expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
Contact Information: Bergamo Acquisition Corp. Hillard Herzog President & CEO Tel: (702) 269-0820 Email: hillardbergamo@aol.com Web: www.BergamoCorp.com Investor Relations: Quarterback Investor Relations John Pentony, President Tel: (469) 252-3030 Email: John@QuarterbackIR.com Web: www.QuarterbackIR.com The Eversull Group, Inc. Jack Eversull, President 972-378-7917 972-378-7981 (fax) Email: jack@theeversullgroup.com Web: www.theeversullgroup.com
Bergamo Acquisition Corp.
CONTACT: Hillard Herzog, President & CEO, Bergamo Acquisition Corp.,
+1-702-269-0820, hillardbergamo@aol.com; or Investor Relations, John
Pentony, President, Quarterback Investor Relations, +1-469-252-3030,
John@QuarterbackIR.com; Jack Eversull, President, The Eversull Group, Inc.,
+1-972-378-7917, or +1-972-378-7981 (fax), jack@theeversullgroup.com
Web site: http://www.BergamoCorp.com/
NewsMonday, 25 May 2009
Mr Zardari to restart work at Thar coal project
Monday, 25 May 2009
Mr Asif Ali Zardari president of Pakistan said that efforts were underway to attract foreign investment in coal power generation and to restart work on the development of Thar coal project in Sindh.
In a message on the 3rd anniversary of the monthly Energy Update, Mr Zardari said that the civilian government is committed to attract more investment in energy sector, especially to attain self sufficiency in power generation, oil and gas exploration, besides encouraging projects in alternate energy.
The President said that the government is striving bard to encourage power projects both in public and private sector not only to meet the existing demand but also to cater to the future energy needs of the country.
He said that “I have been told that Energy Update is projecting all aspects of the energy sector and highlighting its true potentials to not only the local investors but also the overseas investors. I hope that the magazine will supplement government’s efforts in achieving self sufficiency in energy supply to ensure the continuity of a sustainable growth in country’s economy.”
Govt to restart work at Thar coal project: President Zardari
Submitted by Business Desk on May 23, 2009 - 16:22
Govt to restart work at Thar coal project: President Zardari
KARACHI, May. 21 (APP)- President Asif Ali Zardari has said that efforts were underway to attract foreign investment in coal power generation and to restart work on the development of Thar coal project in Sindh. In a message on the 3rd anniversary of the monthly Energy Update, he said that the civilian government was committed to attract more investment in energy sector, especially to attain self sufficiency in power generation, oil and gas exploration, besides encouraging projects in alternate energy.
During its last tenure, the PPP government had attracted huge foreign investments in the energy sector and power generation projects of about 5000 megawatt ywere set up, he added.
The President said that this time again, the elected government was striving bard to encourage power projects, both in public and private sector not only to meet the existing demand but also to cater to the future energy needs of the country.
“I have been told that Energy Update is projecting all aspects of the energy sector and highlighting its true potentials to not only the local investors but also the overseas investors”.
“I hope that the magazine will supplement government’s efforts in achieving self sufficiency in energy supply to ensure the continuity of a sustainable growth in country’s economy”, he noted.
1 www.bigbizshow.com
2 archives
3 May 11 hour 2
Rado interview with Hillard Herzog,click on May 11 hour 2
http://www.businesstalkradio.net/weekday_host/Archives/bbs.shtml
STOCKGURU PROFILE FOR BERGAMO - BERGAMO WEB SITE
Bergamo Acquisition Corp CEO Hillard Herzog Scheduled to be on the Big Biz Radio Show TODAY
Listen 5:10 ET / 4:10 CT / 2:10 PT
Click Here For Details on Tuning In
Mr. Herzog will be discussing last week's news, and will be giving a general update to shareholders. This is one you do not want to miss!
LATEST NEWS:
Bergamo Acquisition Corp. and Bergamo E&A Receive Terms for $1.5 Billion USD Financing Agreement for Two Pakistan Energy Projects
-Clean Coal Power Plant and the Construction and Production of an LED Lighting Fixtures Facility-
LAS VEGAS, May 7 /PRNewswire-FirstCall/ -- Bergamo Acquisition Corporation (Pink Sheets: BGMO) announced today that its wholly owned subsidiary, Bergamo E&A, has received a Term Sheet to provide $1,500,000,000 USD in financing for two energy projects in Pakistan. The financing is for a term of seven years at 2.5% per annum and with an up-front cost of 8% which is payable upon delivery of the funds into a Certificate of Deposit in the designated Pakistani bank into the account for the lender. These funds will be used to finance the two energy projects. Once Bergamo Acquisition Corp. accepts and signs off on the funding, the deal will be closed and will fund within 30 days as required in the Agreement.
Hillard Herzog, President and CEO of Bergamo Acquisition Corp., remarked, "After reviewing the specifics of the Term Sheet, we find everything to be workable for the Company. We are aggressively moving forward and expect this deal to be closed and funded shortly. The people of Pakistan need new sources of energy and these two clean energy projects will make a significant contribution to improving their lives. The Pakistani Government sees the improvement in the standard of living for its citizens as a key component to peace and stability for its democracy."
Bergamo E&A will provide solar and LED high efficiency lighting for which over one half of the financing will be dedicated. The remainder of the $1.5 billion USD financing will support the construction of a clean coal fired energy plant. This plant is to be engineered to the highest, environmentally safety standards. Bergamo E&A entered into a Letter of Intent with Pakistan on July 11, 2008, for a seven year Energy Purchase Agreement. Pakistan agreed to provide a suitable and appropriate location to develop what was subsequently agreed to be a 544 MW coal fired power plant supported by a negotiated tariff for the price of coal with all agreements to be guaranteed by the Government of Pakistan and all financial obligations incurred on a non-recourse basis.
Bergamo Acquisition Corp. is very sensitive to the environment. The standards for the clean coal project are equivalent to the State of California. The solar and LED lighting are both very good for the environment. The solar lighting means that the abundance of sunshine during the day will light key highways and other critical areas of the nation's infrastructure at night.
In addition, a Letter of Intent for a Rental Service Contract was signed between Bergamo E&A and the Government of Pakistan, on November 7, 2008, for a 544MW coal fired power plant to be delivered to the site and agreed upon between the parties and will be operational within fourteen months. The Agreement provides that the plant will be located at a site provided by the Pakistani Government near Pataro, Jamshoro, Province of Sindh. This is the location of the Thar Desert which has immense coal reserves estimated at 272 billion tons. These lignite reserves are of a quality suitable for combustion in power generation and are projected to be sufficient to produce energy for Pakistan for the next 200 years. The Letter of Intent also provides for a five year Operation and Maintenance Service Agreement.
The Pakistani Government agreed to provide a 7% down payment to be paid within ten days from the submission of the advance payment bank guarantee which is anticipated to be roughly $60M USD. In accord with these agreements, the Arif Habib Bank will serve as investment bankers and advisors in Pakistan. Arif Habib Bank has been picked to accept the $1.5 billion USD Certificate of Deposit to support the Bergamo E&A activities in Pakistan.
Bergamo E&A has engaged Salim Chamdia, the former Chairman of The Karachi Stock Exchange, to assist Bergamo in its financial undertakings in Pakistan. Mr. Chamdia has been named a Vice President and a Director of Bergamo E&A.
The April 2009, BMI Pakistan Power Report forecasts Pakistan will account for 1.35% of Asia Pacific regional power generation by 2013. BMI has forecasted an increase in regional generation by 2013 of 34%. BMI forecasts Pakistan power consumption will increase as production increases which assumes a 4.3% annual growth in electricity generation. Between 2007 and 2018, BMI is forecasting an increase in Pakistani electric generation of 63.2%, which is mid-range for the Asia Pacific region.
Certain statements contained in this document may constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "investigate", "looking at" as they relate to Bergamo Acquisition Corp. or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable, that: (i) Bergamo E&A will successfully develop power projects in Pakistan. Such statements or information reflect Bergamo E&A's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Bergamo E&A's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Bergamo E&A files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bergamo Acquisition Corp. expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
Contact Information:
Bergamo Acquisition Corp
Hillard Herzog
President & CEO
Tel: (702) 269-0820
Email: hillardbergamo@aol.com
Web: www.BergamoCorp.com
Investor Relations:
Quarterback Investor Relations
John Pentony, President
Tel: (469) 252-3030
Email: John@QuarterbackIR.com
Web: www.QuarterbackIR.com
The Eversull Group, Inc.
Jack Eversull, President
972-378-7917
972-378-7981 (fax)
Email: jack@theeversullgroup.com
Web: www.theeversullgroup.com
Pakistan Energy Policy Enables Energy Suppliers to Procure financing on reasonable terms with G8 Bank guarantees.
Pakistan Goverment has following policy for Energy Projects and is signing agreements with energy suppliers all over the world.
a) Rental Agreements 5 years with 2 years extention.
b) If the Cost of Project is 400 million dollars. The Goverment of Pakistan provides the following upon your financing ability.
1. 7% of the total cost of the project which equals 60 million us dollars this is upfront payment upon proof of complete financing.
2. 400 million dollars additional letter of credit from G8 AAA rated bank to draw down monthly energy billing.Every 24 months the new L/C for 400 million is issued to cover energy billing.
3. 190 Million Dollars is fuel component.
4. Land around 200 acres is alloted at Goverment price to set up projects.
5. There is no restriction to transfer your profits out of the country.
6. Tax Beneifits.
7. Pakistan Goverment is seeking proposals from various energy providers to submit their proposals.
Energy is the 1st priority for Goverment of Pakistan. The President of Pakistan is focused on energy issue
Once the power plant is operational, the project is projected to bring in $208,000,000 revenue to Bergamo Acquisition Corp annually and projected $33,000,000 operating profit annually thru its wholly owned subsidiary Bergamo E&A Corp. The Project can be operational in 12 to 14 months of funding."
It is critical to note two things above in the quote:
1. That is $33 million operating profit annually for one of the two projects. The other is not yet announced, but soon I would expect to see a projection for the other.
2. Operations start in 12 to 14 months after funding. Funding will likely take place very soon. That would put these operating profits into the company by likely next summer.
This is an extraordinary amount of annual operating profits. Now consider that the other project may have the same or similar operating profits. Again - I do not know, and have not heard what those projections are likely to be from my contact with management. But let's say it is the same. That would be $66 million USD, and there are just over 50 million shares. When you slap any industry p/e ratio on this, you see big numbers.
The company is seeking to be fully reporting. I think this is critical. They explain this in the April 23, 2009 release. Transparency is critical to a deal like this.
Bergamo E&A has engaged Salim Chamdia, the former Chairman of The Karachi Stock Exchange, to assist Bergamo in its financial undertakings in Pakistan. Mr. Chamdia has been named a Vice President and a Director of Bergamo E&A.
Try reading the news release,
60 Months GOP L/C Standby $ 1045 Million Energy Buy Back Guarantee 24 months - 24 months plus 12 months.
This is why Bergamo will be able to finance for $1.5 billion dollars,power purchase agreement with the goverment,the money is backed by LC from the goverment.
Highlights of Coal Project 544 MW Bringing Clean Energy to Pakistan
* 544 MW PROJECT APPROVED BY MINISTRY OF WATER & POWER GOVERMENT OF PAKISTAN
* 60 MILLION DOLLARS UPFRONT PAYMENT GUARANTEE FROM GOVERMENT OF PAKISTAN UPON BERGAMO ACQUISITION CORP’S ABILITY TO COMPLETE FINANCING REQUIRED 420 MILLION US DOLLARS TO COMPLETE THE PROJECT.
* 416 MILLION US DOLLARS STANDBY L/C TO BE ISSUED BY GOVERMENT OF PAKISTAN CLASS A BANK TO SECURE FUTURE ENERGY SALES . THIS L/C TO BE RENEWED FOR ADDITIONAL 24 MONTHS AND SUBSEQUENT 1 YEAR TO COMPLETE TERM OF THE POWER PURCHASE AGREEMENT.
* 191 MILLION US DOLLARS FUEL COMPONENT PLEASE REVIEW POWER PURCHASE AGREEMENT COMPLETE DISCRIPTION OF EPC CONTRACT AND POWER PURCHASE AGREEMENT IS IN THE POWER POINT PRESENTATION
* 200 ACRES LAND IN PLACE WITH GRID LINE ENERGY DISTRIBUTION, COAL MINING, NEXT TO THE SINDH SEA, ROADS ALREADY DEVOLOPED AND GOVERMENT WILL BUILD LAKE ON GOVERMENTS EXPENSE AT THE SITE. COMPLETE IDENTIFICATION OF PROJECT IS AVAILABLE UPON REQUEST.
* MEMORANDUM OF UNDERSTANDING SIGNED WITH ARIF HABIB BANK LTS WHO WILL BE INVESTMENT BANK IN PAKSITAN AND INVESTMENT ADVISORS.
www.bergamocorp.com
60 Months GOP L/C Standby $ 1045 Million Energy Buy Back Guarantee 24 months - 24 months plus 12 months.
60 Months GOP L/C Standby $ 1045 Million Energy Buy Back Guarantee 24 months - 24 months plus 12 months.
This is why Bergamo will be able to finance for $1.5 billion dollars,power purchase agreement with the goverment,the money is backed by LC from the goverment.
Highlights of Coal Project 544 MW Bringing Clean Energy to Pakistan
* 544 MW PROJECT APPROVED BY MINISTRY OF WATER & POWER GOVERMENT OF PAKISTAN
* 60 MILLION DOLLARS UPFRONT PAYMENT GUARANTEE FROM GOVERMENT OF PAKISTAN UPON BERGAMO ACQUISITION CORP’S ABILITY TO COMPLETE FINANCING REQUIRED 420 MILLION US DOLLARS TO COMPLETE THE PROJECT.
* 416 MILLION US DOLLARS STANDBY L/C TO BE ISSUED BY GOVERMENT OF PAKISTAN CLASS A BANK TO SECURE FUTURE ENERGY SALES . THIS L/C TO BE RENEWED FOR ADDITIONAL 24 MONTHS AND SUBSEQUENT 1 YEAR TO COMPLETE TERM OF THE POWER PURCHASE AGREEMENT.
* 191 MILLION US DOLLARS FUEL COMPONENT PLEASE REVIEW POWER PURCHASE AGREEMENT COMPLETE DISCRIPTION OF EPC CONTRACT AND POWER PURCHASE AGREEMENT IS IN THE POWER POINT PRESENTATION
* 200 ACRES LAND IN PLACE WITH GRID LINE ENERGY DISTRIBUTION, COAL MINING, NEXT TO THE SINDH SEA, ROADS ALREADY DEVOLOPED AND GOVERMENT WILL BUILD LAKE ON GOVERMENTS EXPENSE AT THE SITE. COMPLETE IDENTIFICATION OF PROJECT IS AVAILABLE UPON REQUEST.
* MEMORANDUM OF UNDERSTANDING SIGNED WITH ARIF HABIB BANK LTS WHO WILL BE INVESTMENT BANK IN PAKSITAN AND INVESTMENT ADVISORS.
www.bergamocorp.com
MEMORANDUM OF UNDERSTANDING SIGNED WITH ARIF HABIB BANK LTS WHO WILL BE INVESTMENT BANK IN PAKSITAN AND INVESTMENT ADVISORS.
www.arifhabibbank.com
Your statement is not correct read the news release,the funds are paid from the financing money
cost of 8% which is payable upon delivery of the funds into a Certificate of Deposit in the designated Pakistani bank into the account for the lender. Bergamo has no up frot fees.when this is complete Bergamo will trade at $10 dollars not .10 cents,do the math.
Bergamo Acquisition Corp. and Bergamo E&A Receive Terms for $1.5 Billion USD Financing Agreement for Two Pakistan Energy Projects
Ticker Symbol: U:BGMO
-Clean Coal Power Plant and the Construction and Production of an LED Lighting Fixtures Facility-
LAS VEGAS, May 7 /PRNewswire-FirstCall/ -- Bergamo Acquisition Corporation announced today that its wholly owned subsidiary, Bergamo E&A, has received a Term Sheet to provide $1,500,000,000 USD in financing for two energy projects in Pakistan. The financing is for a term of seven years at 2.5% per annum and with an up-front cost of 8% which is payable upon delivery of the funds into a Certificate of Deposit in the designated Pakistani bank into the account for the lender. These funds will be used to finance the two energy projects. Once Bergamo Acquisition Corp. accepts and signs off on the funding, the deal will be closed and will fund within 30 days as required in the Agreement.
Hillard Herzog, President and CEO of Bergamo Acquisition Corp., remarked, "After reviewing the specifics of the Term Sheet, we find everything to be workable for the Company. We are aggressively moving forward and expect this deal to be closed and funded shortly. The people of Pakistan need new sources of energy and these two clean energy projects will make a significant contribution to improving their lives. The Pakistani Government sees the improvement in the standard of living for its citizens as a key component to peace and stability for its democracy."
Bergamo E&A will provide solar and LED high efficiency lighting for which over one half of the financing will be dedicated. The remainder of the $1.5 billion USD financing will support the construction of a clean coal fired energy plant. This plant is to be engineered to the highest, environmentally safety standards. Bergamo E&A entered into a Letter of Intent with Pakistan on July 11, 2008, for a seven year Energy Purchase Agreement. Pakistan agreed to provide a suitable and appropriate location to develop what was subsequently agreed to be a 544 MW coal fired power plant supported by a negotiated tariff for the price of coal with all agreements to be guaranteed by the Government of Pakistan and all financial obligations incurred on a non-recourse basis.
Bergamo Acquisition Corp. is very sensitive to the environment. The standards for the clean coal project are equivalent to the State of California. The solar and LED lighting are both very good for the environment. The solar lighting means that the abundance of sunshine during the day will light key highways and other critical areas of the nation's infrastructure at night.
In addition, a Letter of Intent for a Rental Service Contract was signed between Bergamo E&A and the Government of Pakistan, on November 7, 2008, for a 544MW coal fired power plant to be delivered to the site and agreed upon between the parties and will be operational within fourteen months. The Agreement provides that the plant will be located at a site provided by the Pakistani Government near Pataro, Jamshoro, Province of Sindh. This is the location of the Thar Desert which has immense coal reserves estimated at 272 billion tons. These lignite reserves are of a quality suitable for combustion in power generation and are projected to be sufficient to produce energy for Pakistan for the next 200 years. The Letter of Intent also provides for a five year Operation and Maintenance Service Agreement.
The Pakistani Government agreed to provide a 7% down payment to be paid within ten days from the submission of the advance payment bank guarantee which is anticipated to be roughly $60M USD. In accord with these agreements, the Arif Habib Bank will serve as investment bankers and advisors in Pakistan. Arif Habib Bank has been picked to accept the $1.5 billion USD Certificate of Deposit to support the Bergamo E&A activities in Pakistan.
Bergamo E&A has engaged Salim Chamdia, the former Chairman of The Karachi Stock Exchange, to assist Bergamo in its financial undertakings in Pakistan. Mr. Chamdia has been named a Vice President and a Director of Bergamo E&A.
The April 2009, BMI Pakistan Power Report forecasts Pakistan will account for 1.35% of Asia Pacific regional power generation by 2013. BMI has forecasted an increase in regional generation by 2013 of 34%. BMI forecasts Pakistan power consumption will increase as production increases which assumes a 4.3% annual growth in electricity generation. Between 2007 and 2018, BMI is forecasting an increase in Pakistani electric generation of 63.2%, which is mid-range for the Asia Pacific region.
Certain statements contained in this document may constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "investigate", "looking at" as they relate to Bergamo Acquisition Corp. or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable, that: (i) Bergamo E&A will successfully develop power projects in Pakistan. Such statements or information reflect Bergamo E&A's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Bergamo E&A's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Bergamo E&A files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bergamo Acquisition Corp. expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
Contact Information:
Bergamo Acquisition Corp
Hillard Herzog
President & CEO
Tel: (702) 269-0820
Email: hillardbergamo@aol.com
Web: www.BergamoCorp.com
Investor Relations:
Quarterback Investor Relations
John Pentony, President
Tel: (469) 252-3030
Email: John@QuarterbackIR.com
Web: www.QuarterbackIR.com
The Eversull Group, Inc.
Jack Eversull, President
972-378-7917
972-378-7981 (fax)
Email: jack@theeversullgroup.com
Web: www.theeversullgroup.com
Bergamo Acquisition Corporation
CONTACT: Hillard Herzog, President & CEO of Bergamo Acquisition Corp,
+1-702-269-0820, hillardbergamo@aol.com; or Investors, John Pentony,
President of Quarterback Investor Relations, +1-469-252-3030,
John@QuarterbackIR.com; or Jack Eversull, President of The Eversull Group,
Inc., +1-972-378-7917, fax, +1-972-378-7981, jack@theeversullgroup.com
Web site: http://www.BergamoCorp.com/
http://www.QuarterbackIR.com/
http://www.theeversullgroup.com/
208,000,000 million a year in revenue and 33,000,000 million in net profit just from the coal project.
The LED project should be similar.
Dear Members,
I alerted you yesterday on BERGAMO ACQUISITION CORP (OTC: BGMO). Today the volume is rapidly picking up. As I discussed yesterday, I have been working very closely with this company for months now. I have spent months getting to know the management, the story and working on their investor relations planning. You need to know that up front.
This company has an extraordinary story. They have secured financing for two projects. In place the financiers are putting up $1.5 Billion USD. The revenue and the anticipated operating profit from one of these two projects was disclosed in their April 13, 2009 release as the following:
"Once the power plant is operational, the project is projected to bring in $208,000,000 revenue to Bergamo Acquisition Corp annually and projected $33,000,000 operating profit annually thru its wholly owned subsidiary Bergamo E&A Corp. The Project can be operational in 12 to 14 months of funding."
It is critical to note two things above in the quote:
1. That is $33 million operating profit annually for one of the two projects. The other is not yet announced, but soon I would expect to see a projection for the other.
2. Operations start in 12 to 14 months after funding. Funding will likely take place very soon. That would put these operating profits into the company by likely next summer.
This is an extraordinary amount of annual operating profits. Now consider that the other project may have the same or similar operating profits. Again - I do not know, and have not heard what those projections are likely to be from my contact with management. But let's say it is the same. That would be $66 million USD, and there are just over 50 million shares. When you slap any industry p/e ratio on this, you see big numbers.
The company is seeking to be fully reporting. I think this is critical. They explain this in the April 23, 2009 release. Transparency is critical to a deal like this.
I am very bullish as you can see on Bergamo.
Good luck!
John Pentony
Publisher, StockGuru.com
LATEST NEWS:
Bergamo Acquisition Corp. and Bergamo E&A Receive Terms for $1.5 Billion USD Financing Agreement for Two Pakistan Energy Projects
-Clean Coal Power Plant and the Construction and Production of an LED Lighting Fixtures Facility-
Hillard Herzog
Mr. Hillard Herzog, President & Director of Bergamo Acquistion Corp. has several decades of experience at an executive level in many NYSE listed clothing companies. Mr. Herzog has been involved in several successful start up businesses. He is a founder of Clothing Source, Inc. and Jayre of California, Inc. Mr. Herzog has served at a senior management level and took leadership role in various prestigious companies, including Van Raalte, Cluett Peabody, N.C.C. Industries, Inc. in the capacity of President, COO and other significant management positions. Mr. Herzog has introduced several innovative products in the lingere industry, which have become successful product line for Victoria Secrets and other retailers. Mr. Herzog has extensive experience in capital markets (including NYSE and AMEX) and mergers & acquisitions.
Sohail Parekh
Mr. Sohail Parekh, Executive Vice-President & Director of Bergamo Acquistion Corp. has a over two decades of global experience in garment, textile and apparel industry. Mr. Parekh is a founder of Clothing Source, Inc. He has established several fabric manufacturing facilites both in North America and South Asia, which includes factory in Carona, California and Karachi, Pakistan. Mr. Parekh has an extensive experience in procurement, operations, project management and plant commissioning.
Management and people close to management control over 80% of the shares in BGMO, with a $1.5 billion dollar financing it does not matter who has the shares this thing is going to fly.
$1.5 BILLION DOLLARS, 50 million share outstanding,do the math.
That spells homerun.
Bergamo E&A has engaged Salim Chamdia, the former Chairman of The Karachi Stock Exchange, to assist Bergamo in its financial undertakings in Pakistan. Mr. Chamdia has been named a Vice President and a Director of Bergamo E&A.
This is big news,missed it first time I read the news release,I was to excited about 1.5 billion dollar financing.
ENERGY
Madam Speaker!
Members of the Parliament!
The government inherited power shortage of around 3,500 megawatts. I appreciate the way in which the government has taken the challenge head on. The private sector has been encouraged to come forward. And they have come forward in a big way. A number of IPPs and rental power projects are being set up. Some of them will be commissioned this year and relieve the burden. The construction of 1000 MW Neelum Hydel Project in Azad Kashmir has started.
The sources of funding, of 8 billion dollars Bhasha Dam have been identified. Its construction would start in about a year’s time. An investment of 30 billion dollars has been planned in the power sector by up to 2016. It includes development of the long awaited Thar coal project Out of this, 20 billion dollars will be contributed by the private sector.
Once the power plant is operational, the project is projected to bring in $208,000,000 revenue to Bergamo Acquisition Corp annually and projected $33,000,000 operating profit annually thru its wholly owned subsidiary Bergamo E&A Corp. The Project can be operational in 12 to 14 months of funding."